Fintech startup Fyp has launched payments app along with a prepaid card for teenagers in association with Yes Bank and Visa. The aim behind the app is to help teenagers learn financial management and concepts at an early age as well as give them exposure to digital payments and banking. Users can do KYC with Aadhaar cards
Both children and parents get Fyp virtual prepaid card to do online transactions. There is an option to order NFC-enabled physical prepaid card for offline transactions on the payment of a one-time subscription fees.
Fyp is holographic card. It is a secured numberless card that comes with a one-tap block feature on the Fyp app. Fyp app is said to include gamification features where parents can help their children to learn money management concepts.
Kapil Banwari, founder and CEO, Fyp, said, “The idea behind the development of Fyp is to bridge the financial literacy gap among teenagers. Often people struggle to manage personal finances when they start with their job, considering lack of awareness of banking system and financial instruments. We at Fyp are focused towards growing financially responsible kids by giving them 360- degree exposure of financial management concept from an early stage. Our aim is to make this concept as a part of the school curriculum. We have witnessed a phenomenal engagement of 100K+ users on the app within 10 days of launch especially from Tier 2 and Tier 3 cities.”